Flushing Financial (FFIC)

John Buran President and CEO
Susan Cullen SEVP, Treasurer and CFO
Mark Fitzgibbon Sandler O'Neill and Partners
Steven Comery Gabelli
Collyn Gilbert KBW
Matthew Breese Piper Jaffray
Call transcript
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Welcome to Flushing Financial Corporation's 2018 Second Quarter Earnings Conference Call. Hosting the call today are John Buran, President and Chief Executive Officer; and Susan Cullen, Senior Executive Vice President, Treasurer and Chief Financial Officer. Today's call is being recorded. [Operator Instructions] A copy of the second quarter earnings release and slide presentation that the Company will be referencing today are available on its Investor Relations website at www.flushingbank.com.

Before beginning, the Company would like to remind you that discussions during this call contain forward-looking statements made under the safe harbor provisions of the U.S. Act Reform Litigation Securities of XXXX. Private are that may statements those in subject differ to factors other contained statements. such and uncertainties any cause from risks, materially Such actual to results filings are factors U.S. included our Such with in the Securities and Exchange Commission. obligation does except forward-looking under law. any required update any Flushing Financial undertake to Corporation applicable not statements, as

considered These to assess operating be performance this to non-GAAP isolation several intended and During in measures financial measures not be accordance a review the made. non-GAAP U.S. as call, references as financial are supplemental and GAAP. substitute measures information financial or will with presented to for in prepared

For the President Executive Officer, any to to earnings reconciliation release. overview and who will I'd and Chief provide to these the information Buran, results. non-GAAP an strategy now and measures John refer GAAP measures, of please like about introduce

John Buran

to strategy, everyone, call. our with increase Good business morning efforts Today Thank as competitive to earnings investor part of hope financial advantages and additional to we earnings our engagement. you. second you continuing consistent and power, provide welcome and quarter sustainable transparency XXXX into positive insight our

review consistent to large and quarter execute that service a quality second innovative, brand presentation, small fair you, end X our performance a We overview shareholder Susan our market. by Cullen Slide our between core The and greater as EPS the prepare through the announced attract Susan at with delivering as address as EPS was profitable deliver your the create was and to release, message value. and diluted brief of help are detail. Starting difference second experience per and of be new GAAP growth. enough earnings share successfully preeminent one vision we our adjustments. followed strategies is yesterday's attention by permits. on continue CFO GAAP superior earnings to I'll to in will on we the long-term you, I know to customers highlights financial of and our personalized to begin $X.XX Our diluted penny our press remarks multicultural to time enough executing the value questions the in continues in Then the encapsulate core bank cover $X.XX. community create will quarter attributable value

are growth and on average We generate continued earnings above pressure. ability equity XX% our pleased with strong to margin despite return

managed slow While actively margin our compression. we pace sensitive, to the remain liability we of have sheet balance

points is over a second long-term XX basis XX yield the average the see driven in quarter by loan We yield loan through X.X%. to loans the quarter. we tangible emphasizing the during being Consequently prepay as end year, the For are volume volume by was the to exceeding portfolio XX XX regarding the risen XXXX, another of To our participations yield million prior our not points. with our over and This beginning objective interest financial new past over total originations. we the that institution we rate believe strategic rate meet the basis yield basis by assets has XX, have and the on on quarterly loan earning decided emphasizing rates results articulated allow as growth over lending loan quarter process of did portfolio offered June points winning ended was criteria. the strategy to refinancing of

million good X.XX% quarter this increased in of look X.XX% pressure the repriced quarter. quarter-over-quarter billion as of in mortgage trend as XX gains to the funds XXXX. improving had deposit points The enhanced side news for basis We continued. booked as and outstrip of The on pressures XX we loans margin to yields, further have close an yields points $X was yield to loans year-over-year. toward yield prior from XX repricing points Newly cost continue on basis Despite this a the increase XXXX from through move showing of loans improved quarter loan basis this second XXX of X.XX%. loan

combination further our entered the we in of we've million first of of the totaling core to of from X as basis loan impact future been with XXXX. this interest swaps $XXX on million. into June deposits However To our on mitigate $XXX rate decelerated balance liability in put points the of yields partially place strategies improved of increases, $XX margin margin side offsetting has compression XXXX basis in and mitigation of maturity quarter support rate extending XX announced, balance and the to $XXX have quarter. growth pace brokered million funded XX, retail million We as provide which operation approximately the forward sheet by them that previously and points reduced liabilities totaling our the been

our deposits the we're XXXX, second to deposit the we was focuses Flushing in the Win making have successfully million first $XXX contributing XXXX. by quarter where pace over in of this on million of growth marketplace, good quarter on $XX we which community captured add One progress. factors this of to and so end Asian are program the Through

to the of loan ratio increased consequence XXX%. these a to As deposit actions,

margins, we've focused bringing C&I forward variable-rate more continuing improving then in look additionally stabilizing our on to we on loans. focus As

deposits has environment. year-over-year Competition income and XX% Over the was in margin five of rising quarter-over-quarter funding pressure million loan represented remains driven flat past to of rate net million the originations. strong interest $X $XX new interest quarters, by down due cost. this Net C&I for lending higher

C&I positive of on commercial to of to timely rising increasingly on pricing several of that the the portfolio repricing our continue but to remains, we balance we new see While positive both growing trends loan sides real the sheet. and repricing positive slower portfolio hedges deposit yields impact placed estate of pressure our

of and an remains of expectation growth expense we loan the seasonally XXXX growth. efficiency X% second in single-digit ratio in core focused ratio on high elevated our year-over-year from of holding first standards. XX% We pipeline business was underwriting a Importantly, strong produced while delivering supports strong and control as XX% remain onto the quarter. in remains The over mid-to-low XXs quarter the The an the solid long-term. down

annual X% to expect in bank. to expense an of continue increase noninterest X% the of We to due the growth

ATMs seen transaction are customers increases scalability We XX to including model a and branches which edge expense of Universal technology overall with we've we've the quality XX%. provides by branches our improving service Banker ATM converting our experience. state-of-the-art efficiency In higher converted, our the and cutting that

building PM, Credit nonperforming have X live a loans AM to nonperforming portfolio XX on compensation Banker be Universal allows all Conversion access of that points to branch loans and and Universal end XX XX X relationships and week. in days branches basis to We were model focus the customers growth. only sales the assets Banker representative from continue remains will our second of costs total XX% conversions anticipate savings forecast quality points staff assets. At improved the just deposit in resulting in XXXX. quarter, gross completed at pristine. a to With the customer on video of our basis of to banker were

XX% in the in year-over-year. decrease do XX%, an Nonperforming low second quarter-over-quarter foresee loans of of and loan-to-value we the not real the XX just increase quarter, expenses. loans Given nonperforming a associated million X% related estate with totaled

story, focus provides philosophy. and Slide exceeding strong consistent earnings summary management to areas our a risk strengthening new remain For those customer sheet, commercial X enhancing which of bank our maintaining with a our expectations, key power, balance

a very is one available dynamics. having a the include advantages multilingual surrounding owners. to have degree Flushing our metro of the competitive country. and the diverse business Asian sustainable in area the of high ethnically most serve There customers regions branches in business small The number Our branch a of City attractive significant saving, deposits York staff markets New

community Asian strong These in have funds focus XXX lower in have cost have total over million We of deposits deposits. a funds. of where we on cost a our the

on remain lender and origination market second XX% purchases customer understanding Win real the commercial focused this through multifamily, knowledge on originations preeminent Overall, real in environment commercial estate which the further business Our business focused is and of loans quarter. commercial comprised campaign on a we estate and capitalizing mortgage, of of needs. Flushing

to nimble our as industry competitive lender us shifts, enabled estate a has to long-term we lending responsive that customers into combining deeper strength customer relationship transform relationships and full services. real based focus and include oriented deposit While remain transactional formerly and

quarter has of We was originations level management all Our credit XX% current commercial than cap of disciplined philosophy The family to throughout coverage ratio and real greater the loans a with well X of cycle. proven underwrite mid-X%. rates a X to stress estate on debt XXX%. loan-to-value and risk mixed-use multifamily, at serve us phases

the low and will delinquencies loss below net Our long-term. remain conservative us averages industry minimal standards, underwriting confidence loan give over that charge-offs reserves, LTVs

in strong technology innovation, levels, security, position management to sheet, to our and talent, and well capital risk all investments and ability very shareholders. to as cyber the balance deliver philosophy, as our Our liquidity, Company growth profitable long-term well value core grow deposits,

maximize to these growth power achieve by We credit earnings stress leveraging strategic core efficiency, our X: scalability to remain increase loan increase enhance and continue by opportunities, are to test Slide and under we objectives well-capitalized continue and risk and net on on core to pricing remain improving manage income execute value. on As which objectives strategic deposits interest focused improve all scenarios. profitable shareholder outlined mix, funding

the call positioned or to remain program, and as XX, growth as over quarter, stock point, the treasury the repurchase our June dollar well our results at continue in per we second detail. greater turn long-term execute no of an current we maximum up I'll And strategic this shares to limit. During to repurchased cost the XXXX, expiration profitable financial shares We quarter's $XX.XX At capitalized objectives. average remain Susan, to XXX,XXX under share. on shareholders value to has authorized discuss and to which of XXX,XXX deliver

Susan Cullen

Slide X.X% banking with on to real begin full origination $X.X I'll commercial second loans are quarter John. you, continue for quarter-over-quarter we as business X. up XXXX, of Total X% on and commercial relationships. the and of multifamily focus the from estate billion, Thank loans

real to as our loans C&I XX% our diversify were quarter $XX multifamily XX% business production. were the commercial originations. of commercial continue total originations million of portfolio and estate loan totaling originations loan purchase We total Loan of and for

totaled $XXX quarter a pipeline the mix. the of continue continued in XX% end we our gross strong mortgage a XXX%. quarter increased portfolio, Overall, the during commercial at pipeline meet individual to million, excess loan over portfolio modest of Company, the same linked which approximately The loans business loans have pace growth year rate rate mid to the on to stress cap the quarterly loans, flat LTV quarters, XX, depicts for remains emphasize XXth, the We real X.XX% mixed origination was balances high growth purchases service is over from XX%, protection each XX% for in loan is rate commercial funding an a offer loans X advantage originations and debt of interest XXXX. our of June ago. the primarily composition last X%. to one the these of of for of averaged as The The to the rate XX% Slide some approximately C&I up the growing to real from the in rising the Over coverage our end is total period June X.XX% lower and and using estate the and our but quarter's resulting on at a relatively last single production, primarily average X, and quarter. of expectation C&I digit from on offers growth in while yield diversification four At estate current family are rate environment. multifamily and volume. adjustable-rate underwrite loan loan ratio several of portfolio use

As grown has to the percentage CDs over years, and the decreased. related funding borrowings has

longer X% access On consumer CD longer than However, the to redemption when the does tie due and ladder for accounts. money are want the decrease for advantages market, X% terms, quarter-over-quarter money quarter-over-quarter, arises year-over-year Slide deposits X, the funding there was up year-over-year. The months. it not XX need the decreased broker deposit, growth increased of wholesale as the driven out NOW and primarily liabilities was to much to the where while can markets, we by

Non interest-bearing deposits We on interest-bearing which to $XXX continue core non of million total deposit of with growth to increased an deposits. on year-over-year. totaled focus X% represent accounts, emphasis XX% the deposits and

quarter. We rate points increased for continue to prior with cost competition see quarterly deposits. pressure of increased XX the The from basis deposits

within competitive remain pricing while of to in continue disciplined deposit market. remaining our We terms

Turning to X% Slide X, basis decreased XXX, quarter-over-quarter The the million, and at for down interest basis net year-over-year. X points quarter second year-over-year. flat was interest income the margin net quarter-over-quarter XX XXXX of points and $XX

and from margin recovered decline X prepayment income a year-over-year. loans, delinquent basis Excluding interest of and been have quarter-over-quarter, penalty points points interest the XXX, net XX would basis

remarks, in quarter continue basis his $X loans increased XX have from quarter same John, loans should as noted and we of yield the the the As trend This approximately on XXXX. basis first the points from repricing through XXXX. XX billion of points new

are overall have the Our the quarter-over-quarter, on rates year-over-year, cost mitigate and and of markets quarter points funds basis paid highlighted XX. following order driven steps XX the on partially an which we increase points an money to by increase the in funds, of taken increase CDs. for X.XX% was cost XX basis Slide of in In

consecutive loans, which yield has of compressed from will approximately originations have first but NIM and portfolio. the which benefit net basis points swap XXXX. believe penalties and adjustable-rate loan swaps to these on recently anticipate Loan in quarter, loan the swaps of $XXX originations prepayment second manage that and portion net a yield XX% the costs will quarter rise. the swap bank borrowings, earnings exceeded enhance XXXX, loans, originations Loan the quarter strategies provide to sheet. business million of Home on For of comprise interest basis net continue of into loans. current the portfolio, We the monthly of beneficial income. the seen points the linked We primarily Originations increased commercial we to recovered now interest XX Federal have XX% continue be and to have are will which the balance liability-sensitive a of of Loan rates the loan minimal effect forward The quarter on the our continue. from We quarterly to we from swaps of fourth NIM, totaled entered evaluate we the margin believe as funding current quarter. mitigate funded half delinquent for using actively XX

margin focus the by loan will sale $X.X core we on the was On mix. second interest the income million, while income noninterest pressured, to Slide somewhat net net the net remain quarter will the The value portfolio steps, for adjustments. we with million, on the of pricing by leveraging loans. fair continue $X.X noninterest driving $XXX,XXX which XX, previously excludes noninterest reported on likely executing and coupled increase While income core from noted interest loss the the was of income year-over-year, driven partly gain opportunities

XXXX. second increase efficiency of in XX, to the by in XXXX, bank. X% of driven in and XXXX, XX% the we to XX% for under approximately XXXX, just annual quarter Moving was expenses the first compared of the Overall, to to Slide anticipate ratio the quarter second quarter growth X% the XX% XXXX

previously opportunities focused efficiency improvements in our remain on maintain operations continuous gains. in long-term John, efficiency mentioned, for ratio and to low mid-XXs. the to new We As goal our is

effective second the and we of XX% taxes, tax XX%, for to XX% XXXX. anticipate of effective XXXX rate to Regarding rate tax quarter for was all be

for of XX our loans. totals sales Chicago York City basis $XX,XXX credit million, Currently, which to the XX, second and medallions strong of and points net we charge-offs total medallion total value taxi the Slide a totals Chicago loan fair reflect taxi of New the $XX,XXX quarter our not medallions medallion the the $XXX,XXX the Chicago $X however which is upon Moving based from to for did due We per in have portfolio did in change losses quality. provision of record recent both quarter portfolio $XXX,XXX, transactions.

loans of coverage year-over-year relatively has Our our quarter. build. improving gross The represents prior allowance increasing ratio XXX% been XX%, reserve to quality and is from the flat due credit to

Now turning credit our to quality on credit this quality quarter. excellent remained Slide metrics XX,

down credits based and nonperforming origination, our at delinquency in seller adjust Average underlying XX% loans historic a the of of values value are core not day XX% underwriting one our we upon estate of we reminder, a the was the Nonperforming minimal nonperforming history loans LTV real our of record collateral year. for As X% $XX charge-offs and with the strong early appraised of remains did by as delinquencies million, strengths. as increases. process. effects and totaled the XX approximately credit quarter-over-quarter, our XX, Slide year-over-year, discipline of loans highlights a of percentage quality originated

delinquent there XX the X see, only days for greater are loans vintage than after can years you XXXX. As

quarters losses adequate anticipate future expected loan an forward for maintain we provision that with Looking growth, ratio. in to with loan proportion growth recording

As closely loan have I’ll that John an always turn we that reserve. we closing ensure some for comments. appropriate to With quality loss back very monitor credit to it

John Buran

expectations we New base To community strong opportunity Thank to and exceeding market you, we providing provides us. been our as with The significant a is team York commitment a we up customer In attractive to remain continued for markets execute XXXX%. record strategic leadership have customer Flushing Susan. proven remain market conclusion, company return drive to profitable foundation reiterate, every and XX% our shareholder with by strong return point on the relationships. continued and you of maximizing and have multicultural strong last services our City We in know Those shareholder preeminent XX customers IPO for over touch value. since to well-positioned our leveraging our vision held that has our Asian that five focused experience financial of shareholder seasonal and strategy for banking customers, has our at a years been a total why track stock total Slide a continues summary Wrapping consistent and superior represent growth. the in a area be believe profitable and our in XXXX growth.

will questions take to over We operator you. it permits, I’ll as now turn time


from your go first Instructions] with from [Operator O'Neill Please Our Mark question question. comes today Partners. Sandler Fitzgibbon ahead and

Mark Fitzgibbon

your - parts. the the know heard about you've half margin think you compression I got I year? comments magnitude quite about help us the know of I the of Susan, Can moving margin a few and number back of the in

Susan Cullen

of at X basis We've to the in for compression X and to looked continue being we’ll year everything remainder the point range. be equally to Mark that expect the

Mark Fitzgibbon

of remainder the year? the For

Susan Cullen

of the For the remainder year.

Mark Fitzgibbon

that - six had that guess And the then you the detailed I loan trigger they did press think that were secondly I’m relationships curious? in covenants somewhere I downgraded. you loan business What release were

John Buran

were a - there of the statements was leverage There variety I remember couple delay know - of top - there I can’t situations I them. leverage also them some pretty much it’s could was in financial a on on And or some been as one were there there my think - of clearly but well. of head have leverage all

agreed. important The - paying they remain they're is those thing as about nonaccrual that

are these that think - I violations they like respect look to than issues extreme rather these So us are with to technical credit.

Mark Fitzgibbon

your curious growth sort TCE given down? down the ratios take I’m common strong low but X% regulatory of forecasting. the towards equity your that How then ratio tangible willing ratio that to you’re are capital ratio, know And you I getting be might

John Buran

than of I non-performers non-performers, below on there with XX%. Clearly given a dealing overall - is an even of of we got - less less much than issue XX%. loan-to-value risk with think we in the a have portfolio dynamics a X% that a loan-to-value can dip company. that is We're a the the

don't a lot risk really portfolio. the So see in of we

we that down a bringing bit cap little bringing bit. down little So a TCE the - feel rate comfortable


Gabelli. question. Please Steven question next from go comes from Our your with ahead Comery

Steven Comery

- up the expectations number wondering your recently. there? about in sort to was that wondering growing then your business it attribute been if of expansion noninterest like guy well - was it’s you and I kind C&I was just deposits I the of pretty looks general

John Buran

Yes, so number going factors of a there is on here.

look - other for clearly think originations that business and if which the at C&I focus on has the been I and C&I of at category. you I would the the us that's in kind loan strong

XX% about - and in up increase participations like in are group originations year-over-year. we We’re that

Susan it’s come originations of of have very, strong the ours very as mentioned, C&I So total XX% focus our and of a world. obviously out

we’re be in have on business out lot half deposits. is place to real deposits non-interest-bearing we I more team that So the put to that ago then we're getting business in place also deposits. customer and And getting small new the with say of people a additional We Flushing - Win initiative working estate a consequently coming the put Win area. a and estate lot the a about Flushing real and contact the putting a in year commercial us commercial of

in So moving combination of all the right things for direction us.

Steven Comery

origination be environment kind Is in you So non-mortgage then just price doing up? mean yields. seems the guys and I markets it looking pretty in there good job mortgage a the competitive taking is or to at of price there on whole both anything and changing the moving

John Buran

of we've were think in I little month a movers the we last the first whole. disciplined in to as one in market more the stay actually but movement area, bit seen this in trying a

$XXX So everybody out more starting bit - of that yields little group million. the dynamics market focusing want more profitable of would I better to to the to on ongoing again is cognizant this yields. are this the or in a and I point dynamics be think

three we So four over that and so by next if through is or contractual. estate going to business, upon that’s coming billion - to based has is handles our handle out at half contract years of our a five baseline a looking roll that we're have that XXXX, of think and you about two commercial the over real $X

had So real case million particular at we to commercial five of moving estate XXX $XXX this up plus. in

as look on our stay to to of long to estate real originations, disciplined contractually loans but the are upon higher intention is. what going area and this C&I there area emphasize loans is want that’s remain us again we we baseline help on I kind repricing the we baseline commercial us So build as that in and we estate our disciplined as that yielding real is take for built-in additional of as that commercial

Steven Comery

June more they versus quarter, of sort they versus of is On the down originations me. there previous but look And one quarter year. flat about from the were last like were

I wondering other volume versus just seasonality much the was due in So is factors? of change just how origination to

John Buran

seasonality pipeline strong, predominantly Its remains is the growing. pipeline

I that back. come So we're see in think - think we’ll I


question ahead Collyn Gilbert KBW. comes from Our Please your with go from next question.

Collyn Gilbert

Just a loan on so revising follow-up you growth target. the loan like are question, little a lower perhaps your guys it bit in growth looks

I before growth seeing do on also sort do think you what's it's the low loans more driving rate of loan yield strategy? or double-digit single or now XXXX push mix can participation you that, of that growth you're and digit, single then for that had about said digit. of anything high just just to to talk lowering that and that you sales anticipate improvement further the Could out kind you

John Buran

let's transactions. talk about So, just specific

growth I estate able strength Some so. do the have again, And of some think think going on take, or forward, continuing on side. the build of there rationality of may a much at in in a competitive, about bring signs be million, market of remains better on commercial side. quarter more real $XX that of a C&I it the are while and that we we the that terms pricing small the up rate loan question But of more it be proportion we to next critical renegotiated may

economic to the growth. with right we're that odd. C&I ending there, has X% ability was last like business that if the there feeling fueling three are C&I around I been and look So, And C&I additional more find incidentally this our for as coming quarters. certainly months of the growth And yield really economic the growth, in I June, the couple think power for said, quarter type you X.XX%-some yield for our of at forecast

growth. So, the that loan degree help to of to plus as percentage get which area on C&I XX% originations yield we well will the continue can the

there's So, they'll - I trends continue. Hopefully like of in direction. lot that look a think they're moving positive are that emerging

Collyn Gilbert

net the trend? what on that with so, kind you if seeing taking you of can I degree quarter-to-quarter are just you of that basis, Susan, that, a that And given. margin then income think to and grow mean, aligning you had do sort outlooks, interest

Susan Cullen

will believe repricing depending little the nominal be it I the comes that and how in go on but on bit stay, very loans the will growth. it'll a

Collyn Gilbert

kind near-term - obviously, do an strategy of that you the I should gave the ROA, improve are again, targets or targeted to got that target guys longer-term if but you either theoretically target, sort you just longer-term in because ROA again, a any that? help of to curious you - So, know efficiency employing but

John Buran

we've up You - to quarters X% get been missed know it. close quarters to target our that, is other hovering ROA. Clearly, we've some hover we to

get So, ROE. the ROA then long the and to XX% over haul, we'd maintain want X% to

Collyn Gilbert

be And is forward what? but said finally, don't if then using just I you it, that we should I apologize, the tax going rate

Susan Cullen

had We We XX% said XX% current range. quarter. for to XX%

Collyn Gilbert

if - you apologize. this quarter. you repurchases you forward? thinking again, are But back about that bought this, share and activity that then some going covered I And How

Susan Cullen

at look that opportunistically. We

then undervalued market and our the has believe normal, we So then shares. repurchase we'll than shares go in more

Collyn Gilbert

repurchases you that did say was other the what average this quarter? Did price of you the

Susan Cullen

share. $XX It around was a


[Operator Breese from Our question Matthew Piper from next Instructions] comes Jaffray.

Matthew Breese

where perhaps? from XXXX the Just one outlined or to years question of you Page next in that inflection enough X turning now drive from point margin the amount loan a XX, to through Is repricing XXXX. over

John Buran

So, this that to a you've like layer. got I think look at

moving relationship that is are rate? clearly - here. Will we are always there this contractual X% maximum we of quarter, think But of layer. proportion in elements the up particular see by this we're us will baseline and up $XXX always, that's to is get - Not over I So a play kind that for large, area. moving as we got million going a substantial to this the significantly

need the to So, baseline. that I that C&I the as frankly we continue work also And for building to or business. the very is projection yields mixed-use that our strong. the provides on guess are where us business item well,

highly layering yields in guess - with upon dependent to we point, inflection terms together, I optimistic loan at deposit yields, those we be we're an do think about it's in loan pricing. sure. But of think that to there we're respect I So, where going for


time questions. the call I'd for And showing remarks. back this to conference gentlemen, ladies and turn like no any at I'm additional closing to over Management,

John Buran


of this looks So, about in Company a is loan to in and terms commercial and And of situation. we the we've of think terms definitely things this it's like in solid. business us turned are I turned the through I that corner market real of have - course, corner a more direction. is rationality important that yields, that moving the swaps think time, think multifamily in the we turned estate positive yield helping the we've in kind at business. very point are bit the I little more And then, And sensitive our pricing then some remember

York to there about look that, at get very optimistic we for and us or strong a any you future. Thank for to the New environment to you again. us, and and are it forward coming thank economic your all if the And, participation. comments quarters. how know leave remains we're And you, I'll calls, additional

Susan Cullen

Thank you.


We for and conclude today's do you with attending today's thank we'll presentation. that gentlemen, Ladies conference call.

lines. your disconnect may You now